Skip to main content

About this Show

Stossel

Freeloaders News/Business. (2012)

NETWORK

DURATION
01:00:00

RATING

SCANNED IN
San Francisco, CA, USA

SOURCE
Comcast Cable

TUNER
Virtual Ch. 130 (Fox Business)

VIDEO CODEC
mpeg2video

AUDIO CODEC
ac3

PIXEL WIDTH
704

PIXEL HEIGHT
480

TOPIC FREQUENCY

America 9, Us 9, Washington 5, John 4, Freeloader 3, U.s. 3, Indians 3, Ge 3, Boehner 2, Joe Biden 2, Ted Turner 2, Edson 2, Florida 2, Texas 2, Sioux 2, Nancy Pelosi 2, Pippen 1, Umbrage 1, Da 1, Mitch Mcconnell 1,
Borrow a DVD
of this show
  FOX Business    Stossel    Freeloaders   
   News/Business.  (2012)  

    January 1, 2013
    3:00 - 4:00pm EST  

3:00pm
3:01pm
3:02pm
3:03pm
3:04pm
hearing from the vice president, what to talk about was any legislation and what lies ahead and negotiations going forward. we had a frank discussion in that regard. right now our members have a very thoughtful the liberation's and reviews are continuing to review the legislation and the pros and cons of the equities of not going over the cliff, we're all very eager to see the form republican leadership will put onto the floor today. i think we have made gigantic progress, hope we can have a bipartisan agreement as we go forward. that said, members are making their decisions now and look forward to hearing for what republicans have to say. we will note the numbers at some
3:05pm
point during the day. >> thank you very much. 112th congress has about 46 hours left to go. this congress unfortunately has been most known for an unwillingness to compromise. an unwillingness to come together to act on behalf of the american people. today is january 1. texas will be going up on everybody in america if we don't act. those who are relying on unemployment insurance to make sure they can support themselves and their families. if we don't act, we will be at risk. vice president joe biden asked to come to a compromise.
3:06pm
the definition of compromise has elements in it each party does not like. but by definition, that has things in it each party should like. the speaker said if the senate passed a bill he would put it on the floor for a vote. leader has pointed out we expect that to happen. we think that is the best interest of the american people. we hope our colleagues on the other side of the aisle can reach compromise. our members are reviewing the specifics of the compromise that has been reached to determine whether they can support that compromise read i am hopeful this congress wil will as one os last acts acts not only on this compromise, but also very hopeful and would expect we would provide the emergency assistance needed for the victims of sandy.
3:07pm
one of the countries worst storms in history that damaged the northeast so badly, i'm hopeful we can move on both of these issues and that we will have members on both sides who perhaps will not agree, but hopefully we will have members on both sides who will agree, and we will act as the american people expect us to do so. >> we will hear from incoming vice presidents. >> thank you. i will be very brief. the difference between a divided government and dysfunctional government is the willingness to compromise. we saw that in the senate as leader nancy pelosi, that means looking at an agreement and deciding whether unbalanced, helps move the country forward. and we're hopeful that republicans on the house will do
3:08pm
as democrats and republicans did on the senate, and wailed equities deciding at the end of the day that everybody gets 100% of what they want. democracy means a willingness to come together for the good of the country. and that is what compromise is all about, especially in an era of divided government. our members are taking a look at the bill and we would ask our republican colleagues to bear in mind the good of the country as they also weigh all the equities. with that, i will turn it over to the squished vice-chairman of our caucus. >> i will very quickly, we all appreciate the vice president coming to the caucus today in a very straightforward, very thorough way explaining the process of the negotiation and why we are where we are at today.
3:09pm
i do think the time for discussion and talk is coming to an end, it will be time for us to vote soon. for all this would have been for naught. being here new year's eve, new new year's day, happy new year to everybody. that is what the american people deserve, that is what the american people deserve out of this process. we can either move forward in a bipartisan way, hand in hand over the fiscal cliff, or our republican colleagues can help lead us off that cliff. hope that is not the case. >> can i just ask what are your spies on the other side in essence telling you what is going on over there because you have to count heads with them as well? >> and not stipulating to any characterization of any information we received.
3:10pm
[laughter] i really have no ideas. >> getting them to try to prove this, what are you hearing from the other side, anything? >> what your question is better addressed to the republicans coming out of their conference. we just came out of hours and we know what you tell us as to what is coming out of their caucus. >> we have not had an opportunity to talk to the leadership at this point. >> you have said you preferred a straight up or down vote, is that because of the time were that because of the vice president? >> it was a bill passed in the united states senate 89-8. tell me when you have had that on a measure as controversial as this. >> they had troubles with that one almost to the number. >> i hope we don't have a reenactment with that with
3:11pm
republicans in the house painting themselves in the extreme of not wanting to find compromise and a solution. but let's be optimistic. as others have said, decide in favor of the country as we go forward, but the issue of whether we have an up or down vote should not even be a question. there shouldn't even be a question. we were told we would not have any legislation on the floor until and unless the senate acted, and when they did we would have a vote. we want to have that vote. we look forward to what the timing is on that. and this is all about time, and it is about time we brought this to the floor. it has only been a matter of a couple of months since the election eight weeks, and did not. a time we have been pushed into a new year. it is long overdue for us to have a solution to go forward
3:12pm
and remove all doubt into what comes next. for our country. so we expect the american people deserve an up or down vote on what was passed in the senate. >> madam speaker, if there is an up or down vote, how many democratic votes would you have? would you be able to deliver? >> that is not a subject i will be talking about right now. >> members are considering the legislation. i just heard from the vice president, we will find out which members. >> you are saying you want bipartisanship from the other side, don't you have to say that you're willing to support this piece of legislation? >> i don't think there's any doubt we will have bipartisanship. i can tell you we will have a bipartisan vote. >> thank you very much. >> when will you start working?
3:13pm
>> as soon as it is correct. >> waiting on republicans, you heard it from the caucus leadership on the democratic side, house of representatives nancy pelosi, all saying it is up to the republicans in washington to come to the table and do an up or down vote. they want this done, 48 hours to go left for this congress. things could get very dicey. g.o.p. leadership also wrapping up their conference. i want to bring in rich edson live on capitol hill. you have been monitoring the conversations we're getting from the g.o.p. side as well, what are you hearing? rich: there is definitely some in the republican congress who want to change or amend this proposal and that would undo the deal. if you make any changes, you have to go back to the senate and you have this bipartisan agreement signed off by the president, joe biden, mitch mcconnell, there's a feeling
3:14pm
if you tinker with it, it opens this whole thing up again. it could really push this deal off quite a significant way. i just spoke to the democrat walking through our shot here, he said i want this basically hold your nose type of vote. it is not everything we want, there is a feeling among democrats in the house, this is what we have got to deal with, bipartisan agreement sailing through the senate earlier this morning and something that should get a vote in the house. that is unclear right now. they're still considering legislation, still considering a path forward and to a number of republicans who want to make changes to this proposal undoing the compromise. cheryl: it seems to come down to the understanding cuts. they reference the fact you have 4 trillion added to the deficit. other republicans at this point would've a strong enough, can i stomach this kind of fight with
3:15pm
48 hours left to go this congress to push this one point, or do they, as you say, hold your nose and just do it? riih: the $4 trillion added to the deficit. congress typically take these measures they make permanent to the alternative minimum tax, that is something that is not on the budget because congress does it every year and adds it to the budget. that is part of the $4 trillion honest accounting on the part of congress for the first time. when you talk about the $620 billion in new tax revenues yes, that is true compared to 2012. what is not true is compared to right now. taxes have gone up as of midnight, so many are looking at this as a tax cut, which are technically would be. the number of republicans pointing out the lack of spending cuts. $15 billion worth of spending cuts, there is new spending we
3:16pm
consider emergency unemployment benefits, long-term unemployment benefits. at least some republicans support the deal or want to see the deal go through. that is the fight they want to have on the debt ceiling and that is how they will get to this, the debt ceiling $200 billion of spending authority left in the extraordinary measures they are going through, so you have to have that next fight. some say you clear the way by getting this off the table and then you have another spending fight, cheryl. cheryl: i guess it depends on which democrats are saying that. we have gotten bits and pieces, and it is funny nancy plosive mentioned that in the press conference, she said are you saying i'm getting information from the media, i will not answer that but the media has been talking to some in the g.o.p. and they are not happy. at what point does house speaker boehner put down and say i will put my political tackle on this. it may be political suicide for speaker boehner but i have to send it back to the senate, i
3:17pm
can make this work. is that even technically possible at this point, rich? rich: it is absolutely possible, but nothing is for sure. cheryl: rich edson live on capitol hill. a lot happening in washington. we will continue to monitor that, rich is standing by talking to congress members. we're waiting on a vote in the house, not sure when it will happen. fox business will be here for you. back to regular programming and label cut in again when we find out what is happening, if not i will see you at the top of the hour for the latest information, now back to our regular show. $. >> cross says he only learned about the fraud after the claims were paid. people would come up to him and say. >> lawyer, you know, john never farmed in his life. his daddy never farmed. when i went back and lead at -- looked at it, it was true. >> so more than a billion dollar was given out to 15,000 farmers,
3:18pm
and attempted farmers. so many claimed they were farmers that recently congress approved another billion dollars plus for more claims. this farmer, who didn't want to appear on cam camera, shows usa building where many people said they attempted to farm, filled out claims. >> by coming in and saying, if you attempted to farm, you're eligible. >> al, he is that lawyer who won the big settlement. >> how many farmers have you helped file claims? >> oh, go, thousands and thousands. >> how do you know they're farmers? >> well, they fill out the forms and we hope they're telling the truth. >> you don't thi this is just an opportunity to free load. to cheat. >> all though therere some people who cheat, most people are very honest. most people are very, very
3:19pm
honest. they're afraid to cheat if they're filling out a federal form. it's not quite what you think. >> but given america's culture of entitlents, se don't eve view getting checks as cheating. they say, all black people deserve reparation. >> if you're an african-american, your roots are in farming, your folk been cheated and your collecting what your grandparents didn't have the opportunity. >> the lawyer says the government is racist and the usda is -- >> stacked against minority, against blacks, women, native americans, stacked against everybody but white men. >>here is any minority that wasn't discriminated against? >> not to my knowledge. >> so now hs filed lawsuits for all those groups, including the women. >> in 1978, women owned just 5% of all farms. by '97 the number was up to 8%. maybe you should sue for men. >> for white men? white men don't need any help.
3:20pm
>> much money will you get? >> we were paid very modestly. >> $10 milli? >> yeah, around here. it was very -- >> i don't think 10 million is low, andacrosse says the total take was much more. >> somewhere between 40 and 50 million. >> the lawyers made out real well and was the winners in the whole lawsuit. >> they usually are and they make even more money helping other people free load. that's next.
3:21pm
john is 42. mortgage. married. two great kids. he wants to protect his family with a $500,000 term life insurance policy. what do you think it'll cost him? a hundred dollars a month? sixty?
3:22pm
forty? actually none of the above. john can get a $500,000 policy -from a highly rated insurer - for under $25 a month. his secret? selectquote. selectquote is impartial. they'll search the pick of insurers like these to give you a choice of your best prices. selectquote has great savings on term life for women, too. john's wife carrie, can get a $500,000 policy for under $16 a month. selectquote has helped ma term life insurance affordable for hundreds of thousands of people since 1985. how about you? just call this number or visit selectquote dot com.
3:23pm
>> the last people we consider freeloaders are homeowns. they're the salt of the earth. many go into debt to get their
3:24pm
homes. and then cruelly, some lose their homes. since the housing busts we have heard such sad stories. foreclosure judge gave the 82-year-old disabled woman 24 hours to pack up and leave. >> i was traumatized. >> but there is another side to th story. this florida woman hasn'tade a mogage payment since 1985. the bank says she owes hundreds of thousands of dollars but just doesn't pay. she has delayed foreclosure by filing legal appeals. the 25-year foreclosure from hell is what the ban' lawyer calls it. >> she has beaten you. >> a good bit of. about the law. >> a paralegal who is good at using bank paperwork errors to her advantage. a few months ago a courtinally forced her out but she got to live here rent free for 25 years. >> she learned how to freeload off the syste >> i give her kudos. >> he is a freeloader. he is a freeloader, too. win or lose he still collects a
3:25pm
paycheck from the bank. >> the losers are you people. who pay your mortgage on time. >> some of these bankers get arrested? >> absolutely. >> the media claims evil banks take home from people. >> a disaster for millions of americans. >> the problem isn't withhe borrowers. it's the servicers. >> that leads people to trash their homes before the bank can take it back. this guy drove his truck through he home. >> i didn't want the bank to make a profit off me. and jesse jackson's proe protesters are criticizing the banks, claiming predator lenders trick people into taking out unaffordable lns. but is that true? the federal reserve bank oflet found unaffordable loans are unlikely to be the reason borrowers default.
3:26pm
>> if it's not predator lending, what might be? >> you walk away.com -- >> companies that incurrent people to walk away from commitments don't help. >> you walk away.com. this sounds like something dirty about that, walk away from responsibility. >> that's the myth in society, that there's this moral obligation to continue paying a mortgage. >> there is! >> there is no obligation. >> the cofounder calls it a strategic default. if your house is worth less than your mortgage, just stop paying. his web site adds, if you would like to live payment free for eight months or more and walk away without owing a penny. >> sounds like a scam but this is true. >> it's not a scam at all. it's legal. >> one of their clien stopped paying his mortgage. >> you could have afforded to stay there and pay the mortgage. >> well, and they -- >> you weren't broke. you had the money.
3:27pm
>> he bought this news california for about $400,000. after the housing bubble burst, its value dropped to 300,000. wh his bank wouldn't mify his mortgage, you walk away.com advised him he could default on purpose without make another game. >> more grim number on the fromon. >>hen a person defaults it's not just the bank who picks up the tab. >> you might pay your mortgage on time bit of your neighbor foreclosures it tends to reduce the value of your home. >> i lived up to my contract, and thus left with -- >> legal contract. what about your moral contract? >> my moral contract -- i'm not sure what you mean by moral. >> you're hurting other people. your neighbors, everybody else who wants to get a mortgage. this. >> this is not a moral issue. >> you're disgusting. you're helping people freeload. >> we're not helping people freeload. people's decision to walk away is a person one and a financial
3:28pm
one. >> but isn't i immoral? no. >> yes. the group that may be the biggest freeloaders of all, biggest freeloaders of all, corporations. this is $100,000. biggest freeloaders of all, corporations. we asked total strangers to watch it for us. thank you so much. i appreciate it. i'll be right back. they didn't take a dime. how much in fees does your bank take to watch your money? if your bank takes more money than a stranger, you need an ally. ally bank. your money needs an ally.
3:29pm
3:30pm
3:31pm
vision expanding to a 5-inch 1080p hd display and camera. touch acquiring nfc. hearing evolving with beats audio. wireless charging activated. introducing droid dna by htc. it's not an upgrade to your phone. it's an upgrade to yourself. >> that's what we usually picture when we think of freeloaders but in america today the bigger recipients of handouts is not poor people. it's corporations. >> imagination at work.
3:32pm
>> g.e. is the biggest industrial corporation in the world. here's their ceo with 0 president obama. >> jeff immelt is perhaps the ceo most cozy with esident obama. >> and jeff imhole was recently named the country's job czar. >> i am so proud and pleased jeff agreed to chair this panel. >> general electric is structuring their business around where government is going so everything from high-speed rail, solar, wind, gener electric is lining up to get what government's handing out. >> "the new york times" reports that government handed out so many tax breaks breaks to ge, tt despite billions in property profit they paid no taxes no 20 10. once upon a time in america companies got money from investors and invented things. >> 25 years ago my friends and i started with nothing but an
3:33pm
idea. >> microsoft did that. they start with nothing and created billions in shareholder wealth but then. >> microsoft is free to compete and compete aggressively but not unlawfully. >> the government sued microsoft for offering people free software. at the time microsoft spent exactly zero dollars on lobbying. ey were busy changing the world. they were busy creating a computer revolution and helping the internet revolution, and for that they got drawn into court, they spend millions and -- hundreds of millions defending themselves against the justice department. so how much money they spend toy on lobbyists? hundreds of millions of dollars a year. they learned their ugly lesson. we created a system in which, if you don't do it, you're at a competitiv disadvantage. >> a public private partnerip. >> a puck private marter inship. >> businesses love to have a partner in government. this little windowmaker must
3:34pm
have loved the attention it got by having the vice-president praise its product. >> you're make something of the most energy efficient windows in the world. >> think getting the vice-president was a big feel and they got the president, too. >> these workers will now have a new mission, produce something of the most energy efficient windows in the world. >> other companies don't get so much help but this company gave money to the democrats and one of their executives was married to an energy department official. 's shoe nice to get special government help. >> thank you, mr. vice-president, four your support. >> left-wing think tanks criticize corporate welfare but somehow green handouts are okay. >> everybody wants to fin a better fuel efficient way to go about their daily business, and the government is going to invest in companies to pioneer technologies. that it is not corporate welfare. >> the business i too dumb to
3:35pm
invest without the government saying, do this. >> the private sector will oy invest if they know for sure there's a commercial market place. >> you say everybody wants these thgs. isn't that enough incentive for private greedy substances to make it? >> the free market doe not know anything unless we collect our interest and says they is it of import to us. >> central planning does not work. it doesn't work in any industry. it doesn't work in any kind of economy. >>ut since they're going centrallally plan, they'll give out special favors to politically savvy people who are best at lobbying for them. >> at least $200 million is needed. >> so the government pours bills of dollars into projects like a win farm in texas that is half owned by ge. >> if this produces nothing of value they're getting money from the u.s. taxpayer. >> mbe we don't need wind rbine. maybe it's a was of mey.
3:36pm
>> maybe it but we should invest so we're not left behind. >> some of the leanest renewable energy or agent. >> ge would not agree to be interviewed. maybe that's a good thing it if means companies are getting emrrassed about t handout 14. years when i wanted to confront a business, the ceo flew me to his headquarters in fancy jet. >> this is gold. >> at the time this man was the biggest recipient off handouts, the ceo of ethanol maker adm. >> you're a pig feeding at the welfare trough. >> why shy care. >> doesn't bother y. >> not a bit. >> many beneficiaries of corporate welfareeally believe they're being paid to help the country. what i'm providing is so good that it ought to be subsidized. unfortunately a lot of arican companies have become mooches off the government. they go to the government and manipulate the system in their
3:37pm
favor. >> that's not what business is about or capitalism is about. >> but today unfortunately it is a way for cital lists to freeload. and rich individual does it. people like, me. >> coming up. the group that politicians helped the most. what has freeloading done for them? nothing good.
3:38pm
3:39pm
3:40pm
>> no group in america has been helped more by government than american indians, and yet some politicians still tell indians things like this. >> you have been ignored by washington. for as long as native americans. >> ignored? are you kidding me? look at the size around this sioux reservation in south dakota. our government made indian tribes wards of the state. government manages their land, provides their health care, schools, gives them food stamps,
3:41pm
paces for housing, child care, burial assistance. the result? >> there is a stunning poverty here. only one in four has a job. >> there is scarcity of phones and n even any banks. indians have the highest poverty rate and lowest live expectancy of any group in the america. so the sio told us they need more handouts. >> the government should be giving the indian people more appropriations so that we can exist out here still. >> i really feel obama administration should get up to the plate and deal with it. >> as far as white people stole ththe indians land hundreds of years ago, the government signed treaties and that's why washington sends billions of dollars to indian tripe tribes every year. everybody thinks the government owes them something. it's odd in that no group has been more helped by government than the american indians and no group does worse. maybe it's the government. >> ben chaz is a member of a
3:42pm
tribe that doesn't get special government help. and yet. >> the area where you live looks different from indian reservations. these mansions look like english manors. >> ian take you to one neighborhood where my people are from and show you nicer homes than a whole sioux reservation. >> this is not casino money. no special deal for your tribe. >> oh, no. in my tribe, woe -- we don't have casinos. we have 12 banks. >> he says his tribe does well because the federal government does not recognize them as a sovereign tribe though their congressman wants to change that. >> it's time for discrimination to end and recognition to begin. >> mike knows if he wants to stay in washington, dc he has to support the tribe or he won't be there. >> this is an injustice that must be resolved. >> if the congressman gets his
3:43pm
way your tribe will get 8 a million. >> if y want to become dependent on the federal government and sell your soul for 80 million, i understand that and some people are willing to do that. >> indian activityists they ought to get federal recognition. used to be the u.s. interior department's director of mesh -- american indians trusts. >> a lot of these have been petitioning for their recognition. >> they're petitioning because socialists like you have convinced them to do that -- >> oh, now -- >> they'll do better without t government. >> if i'm aocialist, what does that make you? >> it makes me, and ben chavez, capitalists, and capitalist indians achieve. >> your indians are thriving. our indians are working. >> the scott brothers build a company that employs 16 people. putting up power lines. they didn't get any government
3:44pm
help. >> it made me drive twice as hard, knowing it wasn't helping us. >> panned out pretty good for us. >> just always been hard workers. >> this tribe member runs one of the biggest true value hardware stores in the country. >> the day after i graduated, the next day i was at work. >> they're doing well. >> tremendous survivors. a great example of how you can continue to persist under absolutely the worst, the wor treatment that you can -- >> they do well pause they divorced themselves from the government handouts and have done well without them. individuals, free over special government protection, like, a real estate developer who used to own the sacramento kings. jack lowery, an original owner the cracker barrel restaurant, or the woman who owns j.r. jones grain. >> we had to fend for ourselves and do what we needed to do to
3:45pm
survive. we don't mind geting our haps dirty and getting the job done because we know that if we do, we will be rewarded for that. >> whahat helped the indian time was knowing they had to become entrepreneurs and support themselves. >> on the rest sir vacations, they hen't trained to be capitalists. they're trained to be counists. everybody needs somebody's approval. >> tribal government and indian affairs manage lands. indians compete to serve on tribal councils so they can give out government money. >> you can help your family, your girlfriend, your informed's mama. it has a great program. >> not so great for the majority of indians. because the government owns most indian property, individuals rarely build nice homes or businesses. >> no individual on the rest sir vation owns the lan so they can't do anything with it. they don't develop it. look at my tribe. we have title and deeds to our land. that's the secret.
3:46pm
>> i raise cattle. can do what i want to because it's my private propertmitch buddy on the apache reservation, he has a farm but he can't do the same things i can do. if the tribe decided we want to take your land on the rest sir vacation and give it to a relative, they can do that. >> government handouts don't work well even for the freeloaders but there are always enablers who say, yes, they will. >> american indians own more land than any group in america, and you are still the poorest group. how can that be? >> indian reservations are basically in areas that have been neglected by the united states. >> the tribes have been located in some of the most isolated areas geographically. >> so what? other isolated groups have done well. >> how come the mormons got rich? where they lived it'sust as poor. how come t amish got wallety,
3:47pm
even rejecting modern tools? >> i don't know how wealthy the amish are and i don't know how the momons got rich. >> maybe because they weren't relying on government rules and indian trusts and all your lawyering that teaches iians to be helpless? >> oh, my goodness. i don't think that's true at all. i take umbrage at that, sir. >> what you're really saying is indians are too bum to manage their own land to the government has to be papa and take care of us. we don't need the government giving us handouts. >> there is no bureau of irish affairs or latino affairs. where is there a bureau of indian affairs. >> we're a starved people. in a rich nation. >> already we have the empowering tribal nations initiative. the advancing nation to nation relationships. protecting indian countries. tribal priority allocations. indian land consolidation programs. all these government programs.
3:48pm
indians are poor. indians are poor and that's whys the programs are important. >> maybe these programs are why indians are poor? >> well, i don't think that's a fair thing to say. in fact i think they are the most neglected, the most neglected of any population -- >> the government needs to do more. >> yes. >> and every freeloader wants more. >> welfare checks, grant checks, food stamps, but if you look at the farmers and ranchers, they get the same thing of thas what subsidy payments are for. >> it's true that sub digoes to farmers and ranchers and big companies but just like the gifts given these people, subsidies keep you dependent. the handouts haven't helped american's indians. >> we got all kind of indian programs in america. the homeless program. the stimulus package, it's all welfare. it's a con. >> speaking of cons. the only time i freeloaded.
3:49pm
next we'll show you how the biggest freeloaders are rich people like me. [ male announcer ] how can power consumption in china, impact wool exports from new zealand, textile production in spain, and the use of medical technology in the u.s.? at t. rowe price, we understandhe connections
3:50pm
of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. ro price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing.
3:51pm
3:52pm
>> i'm ashamed to admit it but i'm a freeloader and in big government america it's we rich people who freeload the most. >> years ago i built this beach house. that's younger me there. the house was on the edge of the atlantic ocean. a risky place to build, but i built anyway, because a federal program guaranteed my investment. >> help you protect your home with flood insurance. >> flood insurance to help people who lose their homes one the water rises.
3:53pm
>> the flood insurance program provides valuable protection for approximately 5.5 million home owners. >> so taxpayers may help foot the bill if a floodits movie stars' homes on malibu beach or derek jeters mansion in florida or the kendy family compound. why? we rich people should insure our own homes. evenly a storm swe away my first floor. but i didn't lose a penny. thanks. i never invited you there but you paid for my new first floor. then we whole use went. government flood insurance covered my loss andany others. we rich people freeload all the ti because the overpromises in there keep churning out special deals for politically favored groups, and they tend to be rich people because the rich can afford lobbyists. >> there are thousands of lobbyists within a few blocks of where i was standing. if you want some advantage you pay them to persuade congress to give you a special tax break like the one for electricars.
3:54pm
>> it is endless the possibilities this bill will pursue, encouraging energy efficient produs such as plugin hybrid cars. >> tax credit led dealers to advertise free cars. buy one for 6,000 drkz gate $6,000 tax credit. >> the governor mike huckabee got one. his friend got seven, and i got this one. totally free. >> free for me, anyway. you taxpayers paid for it. >>hen i put solar panels on the roof of my new home. why? because congress gave me a big tax break. >> if you want it, for instance, invest in solar energy in your home, we have tax credits in there. >> so many of these programs that are supposed to be -- have a broad benefit, have a narw benefit. >> people who are rich enough to put solar panels in the house or buy an electric car or have a beach house on the edge of an ocean.
3:55pm
>> another situation where the governmentreates a benefit and the people with more money, with better tax accounts, are better able to take advtage of it. >> we cannot turn back, not with an economy to fix and farms to save. >> farmers get lots of well-intended handouts from government. but who benefits? mostly rich farmers and people like bon jovi, who owns acres of land in new jersey but pays only $100 in state property tax. because he raises honey bees, he qualifies for a honey bee subsidy. >> bruce springsteen owns hundreds of acres but pays low tax bus an organic farmer runs . >> i have to pay $6,000 for an acre and a half and they're paying 600 acres for $200. >> the biggest recipient for farm sub days has been a
3:56pm
multimillionaire who mostly builds homes and offices. here's one of his many homes. gorgeous view, but no crops around he. others who collected farm sub days are basketball stars. scottie pippen. ted turner, the family of antisubsidy congresswoman michele bachmann. i none of these people lock laws. they jt own land that qualifies for handouts. >> but think about how much money we could save if these guy didn't pass so many laws that encourage freeloadi. >> bought the da, year after year, they micromanning life with subsidies and the winners are not the needy but people like bon jovi, ted turner, maurice, and, me. >> so, let's hope for an to end all these freeloading. that's our show for
3:57pm
3:58pm
3:59pm